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Singapore Censures 20 Banks Over Rates

SINGAPORE—Singapore's central bank censured 20 global banks Friday over allegations that traders tried to manipulate local benchmark rates used to price trillions of dollars in loans and derivative contracts, concluding a year-long probe spurred by a parallel global rate-fixing investigation.

The Monetary Authority of Singapore found that unethical practices at the banks allowed some traders to attempt to manipulate market benchmarks including the Singapore interbank offered rate, or Sibor.